Peter Mathews (Dublin South, Independent)
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297. To ask the Minister for Finance the reason his assurance provided in December 2013 and February 2014 disagrees with evidence (details supplied) given under oath at the banking inquiry; and if he will make a statement on the matter. [30426/15]

Michael Noonan (Limerick City, Fine Gael)
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I have answered a number of Parliamentary Questions in the past in relation to rules adopted by banks when valuing assets including loans. These rules are determined by the relevant accounting standards and it is the responsibility of the directors of the respective banks to ensure that they have been properly applied. To provide assurance that this is the case, the proper application of the rules is subject to an annual independent external audit review.

As I have stated in the past, nothing has been brought to my attention to suggest that these rules have not been correctly applied by the banks.

Finally, I have reviewed the transcripts as supplied by the Deputy and confirm that there is nothing contained therein which would indicate that the banks have systematically overvalued loans by hiding losses.